Vancouver, December 18, 2015 Nikos Explorations Ltd. (TSX-V: NIK) ('Nikos') is pleased to announce the signing of a Memorandum of Understanding (MOU) with Brunswick House, Chapleau Cree and Chapleau Ojibway First Nations with respect to Nikos' Borden Lake Extension project located near the town of Chapleau in northern Ontario.
The MOU signals the desire of Nikos and the First Nations to work together to establish a long-term, mutually beneficial co-operative and respectful relationship for the benefit of both Nikos shareholders and the First Nations communities. In addition, the MOU demonstrates a commitment by Nikos to identify opportunities for citizens of the First Nations communities to participate in Nikos' exploration activities through business, employment and training opportunities.
'This MOU is a first step in establishing a relationship with the First Nations. We look forward to working together with the communities to the mutual benefit of all stakeholders.' Said Roger Moss, President and CEO Shawn Batise, Executive Director of the Wabun Tribal Council, commented: 'The Wabun Tribal Council's engagement protocol outlined in the MOU establishes opportunities for social, environmental, and economic participation with Nikos Explorations Ltd.'s Borden Lake Extension Project.'
Kevin Tangie, Chief of Brunswick House First Nation, added: 'Our experience working with Nikos illustrates the encouraging deliverables brought by a commitment from industry and First Nations to work together. We look forward to following Nikos' progress, and hope that it brings many economic opportunities to Brunswick House, Chapleau Cree, and Chapleau Ojibway First Nations, as well as to the town of Chapleau.'
As part of the MOU Nikos will issue 50,000 common shares (the 'shares') and 50,000 share purchase warrants (the 'warrants')to each of the three First Nations communities for an aggregate of 150,000 shares and 150,000 warrants. Each warrant will be exercisable into one share at $0.05 for a period of 5 years. The warrants will vest 25% on the approval of the TSX Venture Exchange and 25% after six months, 12 months and 18 months after the date of the MOU.
About Borden Lake Extension:
The Borden Lake Extension Project covers an area of 36 square kilometres and lies approximately 5 km southeast of Goldcorp's Borden Lake high grade gold zone where exploration has defined underground constrained indicated resources of 1.6 MMoz grading 5.39g/t Au and inferred resources of 0.4 MMoz grading 4.37 g/tAu. This zone remains open along strike to the southeast. In addition, a lower grade pit constrained indicated resource of 2.3 MMoz grading 1.03g/t gold has been defined. Exploration carried out by Nikos is the first known work on the property, which is located in the Kapuskasing Structural Zone. Nikos holds an option to earn a 100% interest in the property.
About Nikos Explorations:
Nikos Explorations is a Canadian based mineral exploration company focused on the acquisition and exploration of prospective gold projects in the Americas. The company has 12,295,074 shares issued and outstanding and trades on the TSX Venture Exchange under the symbol NIK.
Roger Moss, PhD., P.Geo., is the qualified person for all technical information in this release.
For more information please contact:
Roger Moss, President
Tel: 416-704-8291
Or visit our website at: www.nikosexplorations.com
The TSX Venture Exchange has not reviewed and does not accept responsibility for the
adequacy or accuracy of this release.